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  • Decline-in-market Value Request For Assessor Review (prop 8) - Assessor Saccounty

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County of Sacramento Kathleen Kelleher, Assessor Decline-in-Market Value Request for Assessor Review (Prop 8) 3701 Power Inn Rd, Suite 3000 Sacramento, CA 95826-4329 www.assessor.saccounty.net (916).

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If you own a home and occupy it as your principal place of residence, you may apply for a Homeowners' Exemption. This exemption will reduce your annual assessed value by $7,000. Exemption becomes ineligible for the exemption. Homeowners' Exemptions are not automatically transferred between properties.

Under Proposition 8, qualifying properties will be given a temporary reduction in their taxable value which translates into a lower property tax. A reduced or "decline-in-value" assessment (also called "Prop 8") occurs when the current market value of your property is less than the assessed value as of January 1.

In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “Decline-in-Value.” A Decline-in-Value occurs when the current market value of your property is less than the current assessed value as of January 1.

Proposition 8 allows the Assessor to temporarily reduce the assessed value of property if the market value is lower than the factored base year value.

Proposition 8 is codified by section 51(a)(2) of the Revenue and Taxation Code. A decline in value occurs in any year in which the current market value of real property is less than its adjusted base year value as of the lien date, January 1.

A Proposition 8 reduction is a form of assessment relief. It may be applied by the Assessor when a property's assessed value exceeds the current market value. By the end of June all Santa Clara County property owners receive notification of their assessed value.

Proposition 8 – Decline in Market Value This proposition allows the Assessor to temporarily lower assessments when the market value on January 1 is lower than the factored base year value for that year.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232